Jeremy Hunt pushes back against talk of decline in Britain, promising that Brexit would catalyse a new age of growth for an economy that has increasingly lagged behind its peers.
Why it matters
The upcoming budget is expected to include pro-growth measures, but Hunt has indicated that sound money must come first. The focus will be on growth industries, including digital technology and the shift to new, high value industries such as renewable power and advanced manufacturing. The tax hikes have angered some lawmakers in the governing Conservative Party.
What the papers say
Sources agree that Hunt is planning to stick with tax hikes in his upcoming budget, but differ in their portrayal of the government's approach to boosting growth and productivity. The Confederation of British Industry has called on the government to take bold action to boost growth, while the CBI's director-general has warned that the UK is lagging behind international rivals on green growth. The Guardian reports that some in the business community have criticised the government's approach to growth.
How we got here
The UK economy has lagged behind its peers in recent years, and the government has faced criticism for its handling of Brexit. Hunt has previously signalled his ambition to create a "new Silicon Valley" in the UK, with a focus on high value industries such as renewable power and advanced manufacturing.
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The United Kingdom of Great Britain and Northern Ireland, commonly known as the United Kingdom or Britain, is a sovereign country located off the northwestern coast of the European mainland.
Tony Danker is a British businessman, and will be director-general of the Confederation of British Industry from November 2020.
Jeremy Richard Streynsham Hunt is a British politician serving as Member of Parliament for South West Surrey since 2005. A member of the Conservative Party, he served in the Cabinet from 2010 to 2019, most recently as Foreign Secretary from 2018 to 2019.
The Confederation of British Industry is a UK business organisation, which in total claims to speak for 190,000 businesses, this is made up of around 1,500 direct members and 188,500 non-members.
Rishi Sunak is a British politician serving as Chancellor of the Exchequer since February 2020. He was appointed Chancellor by the Prime Minister, Boris Johnson, following the resignation of Sajid Javid during a Cabinet reshuffle in 2020.
Elizabeth Mary Truss, known as Liz Truss, is a British politician serving as Secretary of State for International Trade and President of the Board of Trade since July 2019 and Minister for Women and Equalities since September 2019.
The European Union is a political and economic union of 27 member states that are located primarily in Europe. Its members have a combined area of 4,233,255.3 km² and an estimated total population of about 447 million.